Petrobras to Explore Africa as Primary Development Region Outside Brazil
Petrobras is shifting its exploration focus to Africa, with CEO Magda Chambriard stating the Ivory Coast is welcoming the company for deepwater ventures. Other African nations, like Nigeria and Namibia, have also expressed interest. The move comes as Petrobras faces domestic challenges in Brazil and looks to enhance its international assets, including plans to explore in India.
Petrobras, the Brazilian state-controlled oil company, is shifting its focus to Africa for exploration activities, CEO Magda Chambriard indicated in a recent interview with Reuters. The company is looking to Africa as its primary development region outside Brazil, seeking opportunities particularly in the Ivory Coast, where the local government has warmly welcomed Petrobras by extending offers to explore the deep waters off its shores.
Chambriard highlighted that Nigeria, Angola, and Namibia have shown similar interests in collaborating with Petrobras, indicating a potential expansion of the company’s investments in the continent. “We are experts in the eastern margin of Brazil,” she noted, pointing to geological similarities between Brazil’s coast and various African regions. This, she believes, makes Africa a compelling opportunity for Petrobras’s exploration strategies.
In recent years, Petrobras has been keen on securing stakes in international oil assets, particularly in Africa, as it grapples with delays linked to environmental permissions for drilling offshore the Amazon rainforest. Returning to Africa is notable for Petrobras, given that it previously divested from the continent due to strategic decisions focused on Brazil’s more productive presalt fields.
Petrobras has initiated its return to Africa by acquiring stakes in oil projects in recent years. In 2023, for example, the company took ownership in an offshore oil field in South Africa. Additionally, Chambriard stated that they acquired an interest in fields located in Sao Tome and Principe, where they plan to drill a well later this year.
However, not everything has gone smoothly. Petrobras was recently outbid by TotalEnergies for a stake in Galp Energia’s discovery in the Mopane field off the coast of Namibia. “We hope to be invited to develop Mopane,” she remarked, while holding back on further details regarding Petrobras’s strategies.
In a broader strategy still in motion, Petrobras is also eyeing India’s coast and plans to participate in an oil block auction set for July. This expansion reflects their ongoing commitment to explore new avenues amid the challenges they face back home.
In summary, Petrobras is strategically advancing its exploration focus towards Africa, propelled by geological similarities and opportunities presented by countries like the Ivory Coast, Nigeria, and Namibia. After previous divestments from African ventures, the company appears determined to reclaim its footing on the continent, looking to enhance reserves amid domestic challenges. The pursuit of international exploration also extends to India, demonstrating Petrobras’s readiness to expand its global footprint.
Original Source: www.offshore-mag.com
